Focus Merit

World Economic Situation and Prospects Report 2020 released by UN

The United Nations Conference on Trade and Development (UNCTAD), United Nations Department of Economic and Social Affairs (UN DESA) and the five United Nations Regional Economic Commissions have jointly released the World Economic Situation and Prospects 2020 (WESP) recently. The report warns about strong economic risks, deep political polarization and increasing scepticism about the benefits of multilateralism.

The report suggested that India needs to implement structural reforms to face a global as well as Indian economic slowdown. The combination of fiscal stimulus, loose monetary policy and financial sector reforms is expected to support a recovery in growth to 6.6 %. India experienced a sharp drop from 6.8% in 2018 to 5.7 % in 2019. The report also indicated that India may be among the few countries where the per capita GDP growth rate could exceed 4% in 2020.